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Joseph Zanco
Chief Financial Officer
(337) 237-1960
investor@home24bank.com
Home Bank News
Jul 24, 2018

Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported record net income of $7.8 million for the second quarter of...

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Home Bancorp Announces 2017 Annual And Fourth Quarter Results And Increases Quarterly Dividend

LAFAYETTE, La., Jan. 30, 2018 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported results for the fourth quarter and full year ended December 31, 2017. 

Home Bank Logo. (PRNewsFoto/Home Bancorp, Inc.) (PRNewsFoto/)

Net income for the year ended December 31, 2017 was a record $17.8 million, an increase of $1.8 million, or 11%, compared to 2016.  Diluted earnings per share ("EPS") for 2017 were $2.41, an increase of 7% compared to $2.25 in 2016.    

"Despite a challenging economy in several of our markets, 2017 was our fourth straight record net income year," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "we owe this incredible run to the tremendous bankers on our team who seek to better our company day in and day out."

"The conversion of St. Martin Bank's systems remains on track," added Mr. Bordelon, "We're looking forward to introducing our new customers to an expanded branch network and enhanced technology."

Net income for the fourth quarter of 2017 was $4.2 million, or $0.54 EPS, compared to $4.1 million, or $0.56 EPS, for the third quarter of 2017, and $4.3 million, or $0.60 EPS, for the fourth quarter of 2016.  The fourth and third quarters of 2017 include merger-related expenses relating to our acquisition of St. Martin Bancshares, Inc. ("St. Martin") totaling $610,000 and $225,000, respectively, net of taxes.  The fourth quarter of 2017 also includes a deferred tax asset ("DTA") re-measurement charge of $1.8 million related to the recently enacted Tax Cuts and Jobs Act of 2017 (the "Tax Act"). 

The Company also announced that its Board of Directors increased the quarterly cash dividend on shares of common stock to $0.15 per share payable on February 16, 2018, to shareholders of record as of February 6, 2018.

Acquisition of St. Martin Bancshares, Inc.

On December 6, 2017, the Company completed its acquisition of St. Martin, the former holding company of St. Martin Bank & Trust Company of St. Martinville, Louisiana.  Shareholders of St. Martin received 9.2839 shares of Home Bancorp common stock for each share of St. Martin common stock.  In addition, immediately prior to the closing of the merger, St. Martin paid a special cash distribution of $94.00 per share to its shareholders. This acquisition added approximately $596.0 million in assets, $446.5 million in loans, $533.5 million in deposits and estimated goodwill of $46.2 million.

Loans and Credit Quality

Loans totaled $1.7 billion at December 31, 2017, an increase of $437.0 million, or 36%, from September 30, 2017, and an increase of $436.6 million, or 36%, from December 31, 2016.   The increases resulted from the addition of St. Martin's loan portfolio.        

The following table sets forth the composition of the Company's loan portfolio as of the dates indicated. 



December 31,


December 31,


Increase/(Decrease)


(dollars in thousands)


2017


2016


Amount


Percent


Real estate loans:










     One- to four-family first mortgage

$

477,188

$

341,883

$

135,305


40

%

     Home equity loans and lines


94,436


88,821


5,615


6


     Commercial real estate


613,636


427,515


186,121


44


     Construction and land


180,294


141,167


39,127


28


     Multi-family residential


50,978


46,369


4,609


10


        Total real estate loans


1,416,532


1,045,755


370,777


35


Other loans:










     Commercial and industrial


185,974


139,810


46,164


33


     Consumer


61,884


42,268


19,616


46


        Total other loans


247,858


182,078


65,780


36


        Total loans

$

1,664,390

$

1,227,833

$

436,557


36

%

Nonperforming assets ("NPAs"), excluding purchased credit impaired loans, totaled $25.8 million at December 31, 2017, an increase of $7.6 million, or 42%, compared to September 30, 2017 and an increase of $9.1 million, or 55%, compared to December 31, 2016. The increase in NPAs during the fourth quarter of 2017 was primarily related to two loan relationships totaling $7.7 million. The ratio of total NPAs to total assets was 1.16% at December 31, 2017, compared to 1.14% at September 30, 2017 and 1.07% at December 31, 2016.    

The Company recorded net loan recoveries of $184,000 during the fourth quarter of 2017, compared to net loan charge-offs of $246,000 and $182,000 for the third quarter of 2017 and fourth quarter of 2016, respectively.  The Company's provision for loan losses for the fourth quarter of 2017 was $1.2 million, compared to $660,000 for the third quarter of 2017 and $500,000 for the fourth quarter of 2016.  The increase in the provision for loan losses for the fourth quarter of 2017 resulted primarily from the increase in NPAs. 

The ratio of the allowance for loan losses to total loans was 0.89% at December 31, 2017, compared to 1.09% and 1.02% at September 30, 2017 and December 31, 2016, respectively.  The ratio declined in the fourth quarter due to the addition of St. Martin's loans.  Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.52% at December 31, 2017, compared to 1.40% and 1.38% at September 30, 2017 and December 31, 2016, respectively.   

Direct Energy Exposure

The outstanding balance of direct loans to borrowers in the energy sector totaled $58.8 million, or 4% of total outstanding loans, at December 31, 2017, compared to $32.5 million and $34.0 million at September 30, 2017 and December 31, 2016, respectively.  Unfunded loan commitments to customers in the energy sector totaled $9.3 million at December 31, 2017, compared to $5.0 million and $6.7 million at September 30, 2017 and December 31, 2016, respectively.    The acquisition of St. Martin added $30.1 million of direct loans to borrowers in the energy sector and $3.8 million in unfunded loan commitments to such customers at the acquisition date. At December 31, 2017, loans constituting 96% of the balance of our direct energy-related loans were performing in accordance with their original loan agreements. The remaining 4%, or $2.2 million, have been restructured and were paying in accordance with their restructured terms as of December 31, 2017.  The Company holds no shared national credits.

The allowance for loan losses attributable to originated direct energy-related loans totaled 2.49% of the outstanding balance of energy-related loans at December 31, 2017, compared to 3.13% and 3.20% at September 30, 2017 and December 31, 2016, respectively. 

Deposits

Total deposits were $1.9 billion at December 31, 2017, an increase of $546.5 million, or 41%, from September 30, 2017, and an increase of $618.2 million, or 50%, from December 31, 2016.  The increases resulted from the addition of St. Martin's deposits.      

The following table sets forth the composition of the Company's deposits as of the dates indicated.



December 31,


December 31,


Increase / (Decrease)


(dollars in thousands)


2017


2016


Amount


Percent


Demand deposits

$

461,999

$

296,519

$

165,480


56

%

Savings


217,639


109,414


108,225


99


Money market


306,509


264,784


41,725


16


NOW


490,924


305,092


185,832


61


Certificates of deposit


389,156


272,263


116,893


43


        Total deposits

$

1,866,227

$

1,248,072

$

618,155


50

%

Net Interest Income

Net interest income for the fourth quarter of 2017 totaled $20.0 million, an increase of $4.1 million, or 26%, compared to the third quarter of 2017, and an increase of $4.4 million, or 28%, compared to the fourth quarter of 2016. Due primarily to significant paydowns in the Britton & Koontz acquired loan portfolio, accretion income on acquired loans for the fourth quarter of 2017 totaled $2.8 million, which is $1.9 million higher than the third quarter of 2017 and $2.2 million higher than the fourth quarter of 2016.

The Company's net interest margin was 4.81% for the fourth quarter of 2017, 52 basis points higher than the third quarter of 2017 and 51 basis points higher than the fourth quarter of 2016. The increase in the net interest margin in the fourth quarter of 2017 was primarily due to the increase in accretion income described above. 

The following table sets forth the Company's average volume and rate of its interest-earning assets and interest-bearing liabilities for the periods indicated.  Taxable equivalent ("TE") yields on investment securities are calculated using a marginal tax rate of 35%.






For the Three Months Ended



December 31, 2017



September 30, 2017



December 31, 2016


(dollars in thousands)


Average
Balance

Average
Yield/Rate



Average
Balance

Average
Yield/Rate



Average
Balance

Average
Yield/Rate


Interest-earning assets:













Loans receivable













Originated loans

$

943,373

5.12

%

$

917,056

5.04

%

$

881,047

4.97

%

Acquired loans


402,283

7.97



298,929

6.05



344,826

5.56


Total loans receivable


1,345,656

5.97



1,215,985

5.29



1,225,873

5.13


Investment securities (TE)


229,614

2.34



212,817

2.29



186,112

2.06


Other interest-earning assets


70,648

1.67



44,941

1.72



27,118

1.18


Total interest-earning assets

$

1,645,918

5.28

%

$

1,473,743

4.75

%

$

1,439,103

4.66

%














Interest-bearing liabilities:













Deposits:













Savings, checking, and money market

$

818,943

0.41

%

$

726,995

0.37

%

$

674,438

0.24

%

Certificates of deposit


319,608

0.97



297,168

0.95



265,614

0.80


Total interest-bearing deposits


1,138,551

0.57



1,024,163

0.54



940,052

0.40


FHLB advances


67,857

1.89



66,630

1.88



121,325

1.26


Total interest-bearing liabilities

$

1,206,408

0.64

%

$

1,090,793

0.62

%

$

1,061,377

0.50

%














Net interest spread (TE)



4.64

%



4.13

%



4.16

%

Net interest margin (TE)



4.81

%



4.29

%



4.30

%

Noninterest Income

Noninterest income for the fourth quarter of 2017 totaled $2.7 million, an increase of $386,000, or 17%, compared to the third quarter of 2017 and an increase of $52,000, or 2%, compared to the fourth quarter of 2016.  The increase in the fourth quarter of 2017 resulted primarily from additional service fees and charges and bank card fees due to the St. Martin acquisition.  

Noninterest Expense

Noninterest expense for the fourth quarter of 2017 totaled $12.8 million, an increase of $1.4 million, or 12%, compared to the third quarter of 2017 and an increase of $798,000, or 7%, compared to the fourth quarter of 2016. The increases primarily relate to the St. Martin acquisition.  Noninterest expense for the fourth and third quarters of 2017 include $839,000 and $247,000, respectively, of merger expenses. 

Income Tax Expense

During the fourth quarter of 2017, the Company incurred income tax expense of $4.6 million, an increase of $2.4 million, or 110.9%, compared to the third quarter of 2017 and an increase of $3.1 million, or 205.5% compared to the fourth quarter of 2016.  The Company's effective tax rate amounted to 52%, 35% and 26% during the fourth and third quarter of 2017 and the fourth quarter of 2016, respectively.  The higher effective tax rate recorded during the fourth quarter of 2017 was the result of the recently passed Tax Act.  The Tax Act reduced the federal corporate statutory tax rate from 35% to 21%, which required a re-measurement of the Company's DTA in the fourth quarter of 2017.  The carrying value of our DTA was reduced reflecting lower future tax benefits due to the lower corporate tax rate.  As a result, the Company took a charge of $1.8 million. The effective tax rate in the fourth quarter of 2016 was lower than the 2016 statutory tax rate due primarily to the adoption of ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.

Non-GAAP Reconciliation












For the Three Months Ended


(dollars in thousands, except  per share data)


December 31,
2017



September 30,
2017



December 31,
2016


Reported noninterest expense

$

12,755


$

11,341


$

11,957


Less: Merger-related expenses


839



247



-


Non-GAAP noninterest expense

$

11,916


$

11,094


$

11,957












Reported net income

$

4,198


$

4,090


$

4,282


Add: Impact of Tax Act


1,765



-



-


Add: Merger-related expenses, net tax


610



225



-


Non-GAAP net income

$

6,573


$

4,315


$

4,282












Diluted EPS

$

0.54


$

0.56


$

0.60


Add: Impact of Tax Act


0.22



-



-


Add: Merger-related expenses


0.08



0.03



-


Non-GAAP diluted EPS

$

0.84


$

0.59


$

0.60












Reported net income

$

4,198


$

4,090


$

4,282


Add: CDI amortization, net tax


152



110



126


Non-GAAP tangible income

$

4,350


$

4,200


$

4,408












Total Assets

$

2,229,076


$

1,587,362


$

1,556,732


Less: Intangible assets


63,094



12,234



12,762


Non-GAAP tangible assets

$

2,165,982


$

1,575,128


$

1,543,970












Total shareholders' equity

$

278,826


$

192,625


$

179,843


Less: Intangible assets


63,094



12,234



12,762


Non-GAAP tangible shareholders' equity

$

215,732


$

180,391


$

167,081












Originated loans

$

941,922


$

928,770


$

884,690


Acquired loans


722,468



298,623



343,143


Total loans

$

1,664,390


$

1,227,393


$

1,227,833












Originated allowance for loan losses

$

14,303


$

13,040


$

12,220


Acquired allowance for loan losses


504



384



291


Total allowance for loan losses

$

14,807


$

13,424


$

12,511












Return on average assets


0.94

%


1.04

%


1.11

%

Add: Impact of Tax Act


0.40



-



-


Add: Merger-related expenses, net tax


0.14



0.06



-


Adjusted return on average assets


1.48

%


1.10

%


1.11

%











Return on average equity


7.66

%


8.54

%


9.58

%

Add: Impact of Tax Act


3.22



-



-


Add: Merger-related expenses, net tax


1.12



0.47



-


Adjusted return on average equity


12.00



9.01



9.58


Add: Intangible assets


1.86



0.86



1.04


Adjusted return on average tangible common equity


13.86

%


9.87

%


10.62

%











Common equity ratio


12.51

%


12.13

%


11.55

%

Less: Intangible assets


2.55



0.68



0.73


Non-GAAP tangible common equity ratio


9.96

%


11.45

%


10.82

%











Return on average equity


7.66

%


8.54

%


9.58

%

Add: Intangible assets


1.29



0.83



1.04


Non-GAAP return on tangible common equity


8.95

%


9.37

%


10.62

%











Efficiency ratio


56.18

%


62.14

%


65.59

%

Less: Merger-related expenses


3.70



1.35



-


Adjusted efficiency ratio


52.48

%


60.79

%


65.59

%











Book value per share

$

29.68


$

25.99


$

24.47


Less: Intangible assets


6.72



1.65



1.74


Non-GAAP tangible book value per share

$

22.96


$

24.34


$

22.73


 



For the Year Ended

(dollars in thousands, except earnings per share data)


December 31,
2017



December 31,
2016

Reported noninterest expense

$

46,177


$

46,797

Less: Merger-related expenses


1,086



856

Non-GAAP noninterest expense

$

45,091


$

45,941







Reported noninterest income

$

9,962


$

11,157

Less: (Loss) gain on closure or sale of premises,


(69)



641

Non-GAAP noninterest income

$

10,031


$

10,516







Reported net income

$

17,780


$

16,008

Less: (Loss) gain on closure or sale of premises, net tax


(45)



416

Add: Impact of Tax Act


1,765



-

Add: Merger-related expenses, net tax


835



560

Non-GAAP net income

$

20,425


$

16,152







Diluted EPS

$

2.41


$

2.25

Less: (Loss) gain on closure or sale of premises


(0.01)



0.06

Add: Impact of Tax Act


0.24



-

Add: Merger-related expenses


0.11



0.08

Non-GAAP diluted EPS

$

2.77


$

2.27







Total Assets

$

2,229,076


$

1,556,732

Less: Intangible assets


63,094



12,762

Non-GAAP tangible assets

$

2,165,982


$

1,543,970







Total shareholders' equity

$

278,826


$

179,843

Less: Intangible assets


63,094



12,762

Non-GAAP tangible shareholders' equity

$

215,732


$

167,081

This news release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). The Company's management uses this non-GAAP financial information in its analysis of the Company's performance. In this news release, information is included which excludes acquired loans, intangible assets, the impact of the Tax Cuts and Jobs Act of 2017, (loss)/gain on closure or sale of banking centers and the impact of merger-related expenses.  Management believes the presentation of this non-GAAP financial information provides useful information that is helpful to a full understanding of the Company's financial position and core operating results. This non-GAAP financial information should not be viewed as a substitute for financial information determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP financial information presented by other companies. 

This news release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may."

Forward-looking statements, by their nature, are subject to risks and uncertainties.  A number of factors - many of which are beyond our control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements.  Home Bancorp's Annual Report on Form 10-K for the year ended December 31, 2016, describes some of these factors, including risk elements in the loan portfolio, the level of the allowance for losses on loans, risks of our growth strategy, geographic concentration of our business, dependence on our management team, risks of market rates of interest and of regulation on our business and risks of competition. Forward-looking statements speak only as of the date they are made.  We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF FINANCIAL CONDITION




















December 31,


December 31,


%



September 30,


2017


2016


Change



2017

Assets









Cash and cash equivalents

$    150,417,829


$     29,314,741


413

%


$     51,625,554

Interest-bearing deposits in banks

2,421,000


1,884,000


29



1,191,000

Investment securities available for sale, at fair value

234,493,436


183,729,857


28



202,196,322

Investment securities held to maturity

13,533,590


13,365,479


1



13,117,994

Mortgage loans held for sale

5,873,132


4,156,186


41



5,617,481

Loans, net of unearned income

1,664,389,988


1,227,833,309


36



1,227,393,063

Allowance for loan losses

(14,807,278)


(12,510,708)


18



(13,423,922)

     Total loans, net of allowance for loan losses

1,649,582,710


1,215,322,601


36



1,213,969,141

Office properties and equipment, net

45,604,752


39,566,639


15



38,700,323

Cash surrender value of bank-owned life insurance

28,903,913


20,149,553


43



20,510,427

Accrued interest receivable and other assets

98,246,001


49,242,977


100



40,433,390

Total Assets

$ 2,229,076,363


$ 1,556,732,033


43



$ 1,587,361,632



















Liabilities









Deposits

$ 1,866,227,328


$ 1,248,072,453


50

%


$ 1,319,712,786

Federal Home Loan Bank advances

71,825,595


118,533,173


(39)



64,804,079

Accrued interest payable and other liabilities

12,197,738


10,283,383


19



10,219,841

Total Liabilities

1,950,250,661


1,376,889,009


42



1,394,736,706










Shareholders' Equity









Common stock

93,955


73,502


28

%


74,122

Additional paid-in capital

165,341,415


79,425,604


108



81,376,252

Common stock acquired by benefit plans

(3,922,413)


(4,315,223)


(9)



(4,033,790)

Retained earnings 

118,267,606


104,647,375


13



115,129,834

Accumulated other comprehensive income 

(954,861)


11,766


(8,215)



78,508

Total Shareholders' Equity

278,825,702


179,843,024


55



192,624,926

Total Liabilities and Shareholders' Equity

$ 2,229,076,363


$ 1,556,732,033


43



$ 1,587,361,632

 

HOME BANCORP, INC. AND SUBSIDIARY



CONDENSED STATEMENTS OF INCOME
































For The Three Months Ended





For the Year Ended





December 31,


%



December 31,


%



2017


2016


Change



2017


2016


Change


Interest Income














Loans, including fees

$ 20,420,278


$ 15,971,349


28

%


$ 69,167,352


$ 63,731,508


9

%

Investment securities

1,253,125


870,457


44



4,531,261


3,676,582


23


Other investments and deposits

296,680


80,775


267



699,235


276,224


153


Total interest income

21,970,083


16,922,581


30



74,397,848


67,684,314


10
















Interest Expense














Deposits

1,622,758


937,483


73

%


5,160,775


3,701,244


39

%

Federal Home Loan Bank advances

321,359


383,194


(16)



1,388,106


1,567,127


(11)


Total interest expense

1,944,117


1,320,677


47



6,548,881


5,268,371


24


Net interest income

20,025,966


15,601,904


28



67,848,967


62,415,943


9


Provision for loan losses

1,199,688


500,000


140



2,316,967


3,200,000


(28)


Net interest income after provision for loan losses

18,826,278


15,101,904


25



65,532,000


59,215,943


11
















Noninterest Income














Service fees and charges

1,246,049


977,049


28

%


4,229,041


4,060,906


4

%

Bank card fees

835,224


666,769


25



3,003,238


2,603,075


15


Gain on sale of loans, net

277,190


564,434


(51)



1,195,921


1,770,249


(32)


Income from bank-owned life insurance

132,725


121,355


9



493,598


482,653


2


(Loss) gain on the closure or sale of assets, net

(14,942)


(45,057)


67



(162,265)


595,523


(127)


Other income

203,050


343,144


(41)



1,202,530


1,644,758


(27)


Total noninterest income

2,679,296


2,627,694


2



9,962,063


11,157,164


(11)
















Noninterest Expense














Compensation and benefits

7,432,339


6,788,326


9

%


28,162,089


27,633,636


2

%

Occupancy

1,353,787


1,315,614


3



5,065,088


5,254,889


(4)


Marketing and advertising

205,895


413,437


(50)



1,007,639


1,062,935


(5)


Data processing and communication

1,252,871


1,142,859


10



4,328,944


4,967,028


(13)


Professional fees

770,800


185,616


315



1,590,118


983,445


62


Forms, printing and supplies

184,317


135,701


36



594,139


623,495


(5)


Franchise and shares tax

360,399


161,456


123



947,505


820,774


15


Regulatory fees

311,955


345,818


(10)



1,264,283


1,317,015


(4)


Foreclosed assets, net

(67,612)


186,049


(136)



(297,806)


139,578


(313)


Other expenses

950,289


1,282,621


(26)



3,515,186


3,994,022


(12)


Total noninterest expense

12,755,040


11,957,497


7



46,177,185


46,796,817


(1)


Income before income tax expense

8,750,534


5,772,101


52



29,316,878


23,576,290


24


Income tax expense

4,552,573


1,490,047


206



11,537,366


7,567,954


52


Net income

$  4,197,961


$  4,282,054


(2)



$ 17,779,512


$ 16,008,336


11
















Earnings per share - basic

$          0.56


$          0.62


(10)

%


$          2.50


$          2.34


7

%

Earnings per share - diluted

$          0.54


$          0.60


(10)



$          2.41


$          2.25


7
















Cash dividends declared per common share

$          0.14


$          0.12


17

%


$          0.55


$          0.41


34

%

 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION




























 For The Three Months Ended 





 For The Three  






 December 31, 


%



 Months Ended 



%



2017


2016


 Change 



 September 30, 2017 



 Change 


(dollars in thousands except per share data)













EARNINGS DATA













Total interest income

$      21,970


$      16,923


30

%


$                   17,666



24

%

Total interest expense

1,944


1,321


47



1,709



14


Net interest income

20,026


15,602


28



15,957



25


Provision for loan losses

1,200


500


140



660



82


Total noninterest income

2,679


2,628


2



2,293



17


Total noninterest expense

12,755


11,957


7



11,341



12


Income tax expense

4,552


1,491


205



2,159



111


Net income

$        4,198


$        4,282


(2)



$                     4,090



3















AVERAGE BALANCE SHEET DATA













Total assets

$  1,765,604


$  1,545,831


14

%


$               1,573,668



12

%

Total interest-earning assets

1,645,918


1,439,103


14



1,473,743



12


Total loans

1,345,656


1,225,873


10



1,215,985



11


Total interest-bearing deposits

1,138,551


940,052


21



1,024,163



11


Total interest-bearing liabilities

1,206,408


1,061,377


14



1,090,794



11


Total deposits

1,471,756


1,235,471


19



1,308,388



13


Total shareholders' equity

217,398


178,808


22



191,608



14















SELECTED RATIOS (1)













Return on average assets

0.94

%

1.11

%

(15)

%


1.04

%


(10)

%

Return on average equity

7.66


9.58


(20)



8.54



(10)


Common equity ratio

12.51


11.55


8



12.13



3


Efficiency ratio (2)

56.18


65.59


(14)



62.14



(10)


Average equity to average assets

12.31


11.57


6



12.18



1


Tier 1 leverage capital ratio(3) 

11.95


9.94


20



10.66



12


Total risk-based capital ratio(3) 

13.80


13.96


(1)



15.21



(9)


Net interest margin (4)

4.81


4.30


12



4.29



12















SELECTED NON-GAAP RATIOS (1)













Tangible common equity ratio(5)

9.96

%

10.82

%

(8)

%


11.45

%


(13)

%

Return on average tangible common equity(6) 

8.95


10.62


(16)



9.37



(5)


Adjusted return on average assets (7)

1.48


1.10


35



1.10



35


Adjusted return on average equity (7)

12.00


9.54


26



9.01



33


Adjusted efficiency ratio (7)

52.48


65.76


(20)



60.79



(14)


Adjusted return on average tangible common equity (7)

13.86


10.62


31



9.87



40















PER SHARE DATA













Earnings per share - basic

$         0.56


$         0.62


(10)



$                      0.58



(3)

%

Earnings per share - diluted

0.54


0.60


(10)



0.56



(4)


Adjusted earnings per share - diluted (8)

0.84


0.60


43



0.59



46


Book value at period end

29.68


24.47


21



25.99



14


Tangible book value at period end

22.96


22.73


1



24.34



(6)


Shares outstanding at period end

9,395,488


7,350,102


28

%


7,412,234



27


Weighted average shares outstanding













   Basic

7,514,205


6,897,135


9

%


7,006,513



7

%

   Diluted

7,799,341


7,165,278


9



7,281,164



7


_________________________________

(1)

With the exception of end-of-period ratios, all ratios are based on average monthly balances during the respective periods.

(2)

The efficiency ratio represents noninterest expense as a percentage of total revenues.  Total revenues is the sum of net interest income and noninterest income.

(3)

Estimated capital ratios are end of period ratios for the Bank only.

(4)

Net interest margin represents net interest income as a percentage of average interest-earning assets.  Taxable equivalent yields are calculated using a marginal tax rate of 35%.

(5)

Tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. See "Non-GAAP Reconciliation" on pages 5 and 6 for additional information.

(6)

Return on average tangible common equity is net income plus amortization of core deposit intangible, net of taxes divided by average common shareholders' equity less average intangible assets. See "Non-GAAP Reconciliation" on pages 5 and 6 for additional information.

(7)

Adjusted ratios eliminates merger-related expenses, impact of 2017 tax reform and the (loss) or gain on sale or closure of banking centers in the calculation. See "Non-GAAP Reconciliation" on pages 5 and 6 for additional information.

(8)

Adjusted diluted EPS eliminates merger-related expenses, impact of 2017 tax reform and the (loss) or gain on sale or closure of banking centers in the calculation. See "Non-GAAP Reconciliation" on pages 5 and 6 for additional information.

 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION












































December 31, 2017


September 30, 2017


December 31, 2016


Acquired


Originated


Total


Acquired


Originated


Total


Acquired


Originated


Total

(dollars in thousands)





















CREDIT QUALITY(1) 





















Nonaccrual loans (2) 

$ 2,654


$ 22,379


$ 25,033



$ 1,220


$ 16,481


$ 17,701



$ 1,463


$ 12,290


$ 13,753


Accruing loans past due 90 days and over

-


-


-



-


-


-



-


-


-


Total nonperforming loans

2,654


22,379


25,033



1,220


16,481


17,701



1,463


12,290


13,753


Foreclosed assets

584


144


728



367


87


454



2,171


722


2,893


Total nonperforming assets

3,238


22,523


25,761



1,587


16,568


18,155



3,634


13,012


16,646


Performing troubled debt restructurings

1,020


1,516


2,536



2,928


999


3,927



3,380


1,270


4,650


Total nonperforming assets and troubled debt restructurings

$ 4,258


$ 24,039


$ 28,297



$ 4,515


$ 17,567


$ 22,082



$ 7,014


$ 14,282


$ 21,296























Nonperforming assets to total assets





1.16

%






1.14

%






1.07

%

Nonperforming loans to total assets 





1.12







1.12







0.88


Nonperforming loans to total loans 





1.50







1.44







1.12


Allowance for loan losses to nonperforming assets





57.48







73.94







75.16


Allowance for loan losses to nonperforming loans





59.15







75.84







90.97


Allowance for loan losses to total loans





0.89







1.09







1.02























Year-to-date loan charge-offs





$     463







$     430







$     446


Year-to-date loan recoveries





443







226







209


Year-to-date net loan charge-offs 





$       20







$     204







$     237


Annualized YTD net loan charge-offs to average loans





-

%






0.02

%






0.02

%

________________________________

(1)

Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from nonperforming loans. Nonperforming assets consist of nonperforming loans and repossessed assets.  It is our policy to cease accruing interest on loans 90 days or more past due.  Repossessed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure.

(2)

Nonaccrual loans include originated restructured loans placed on nonaccrual totaling $6.4 million, $8.9 million and $9.5 million at  December 31, 2017, September 30, 2017 and December 31, 2016, respectively.  Acquired restructured loans placed on nonaccrual totaled $339,000, $457,000 and $434,000 at December 31, 2017, September 30, 2017 and December 31, 2016, respectively.   

 

SOURCE Home Bancorp, Inc.

For further information: John W. Bordelon, President and CEO (337) 237-1960